Consumers Expect a Personalized Approach in Everything They Do, and That Includes Their Insurance
As competition increases in the insurance industry, the market is experiencing saturation with products, options, and competitive alternatives. This is leading to sophisticated buyers with a wider range of options to choose from.
To succeed in today’s crowded insurance marketplace, insurers need to understand that their business model must change focus. To compete, they must engage customers in real time and most importantly, deliver a personalized and customized user experience.
Thankfully, there are lots of opportunities for competitive differentiation for forward-thinking insurance companies, as the insurance industry is not traditionally known for offering customization. For generations, customers have had to choose from the options insurance companies provided, rather than what they wanted, or needed. By offering them hyper-personal experiences, your company can increase engagement in insurance, and in doing so, stand out from the crowd and become, or remain, their insurer of choice.
PERSONALIZATION = CUSTOMER RETENTION
Personalized recommendations have become an ingrained part of our daily digital lives. Whether it’s Netflix suggesting movies or Amazon offering product specials, consumers are used to receiving personalized offers and customized solutions to meet their needs.
Although all the stats point to customer experiences being crucial in customer retention, many insurance providers are lagging and have not been able to deliver what their customers want in this regard.
88% of insurance customers demand more personalization from providers
Customers have come to expect a personalized approach in everything they do, and that includes their insurance. Customers want personalized offers, pricing, and plan recommendations from their insurance providers. If your company can’t meet these needs, they may look elsewhere for a better fit.
To increase engagement in insurance, insurers must offer frequent, high-value interactions
Insurers who want to deliver personalized services need to have a better understanding of customers’ behaviors and actions. They need to focus on user experiences and use those insights to craft customized, frequent, and high-value interactions.
Some ways you can offer a highly personalized customer-centric experience include:
- Using more common words and less ‘insurance industry’ jargon. Not everyone understands the jargon, so this leads to less customer confusion and frustration.
- Engaging with customers more often and throughout the year and not only at renewal time. This works to build a more engaged relationship.
- Add new channels to communicate with customers and offer a hybrid personalized experience that includes in-person and digital marketing. This is a great tool for customer education and answering questions about policies and claims.
Of these suggestions adopted by insurers recently, the last offers the most far-reaching benefits. Insurers that can reach their customers at the right time, with the right offering can drive more leads, boost revenue, and improve loyalty with results in lowered churn.
60% of insurers already achieving advanced levels of personalization are seeing a significant increase in revenue per customer.
89% of these insurers are seeing an increase in customer engagement.
73% are seeing increased customer comfort with a full digital experience.
Increase customer satisfaction and loyalty with personalized video
It’s time for insurers to jump on the personalization bandwagon. With personalization creeping into every aspect of our digital lives, the insurance industry has an opportunity to improve customer experience. From better customer service to more tailored offerings, there are numerous opportunities to increase customer loyalty and satisfaction.
Add personalization to your customer experience doesn’t have to be an overwhelming task. Doxim Interactive Video offers solutions to create simple and effective messaging that utilize personalization.
As part of a personalized, data-driven approach to Customer Communications Management (CCM) interactive videos can be used throughout the customer lifecycle to boost engagement and loyalty.
Video visually engages customers and personalization is a powerful way to deliver information and offers that resonate
72% prefer to watch a video rather than read text to learn about a product or service.
90% of customers who receive a personalized video report greater satisfaction with, and a better understanding of, that company’s products and services.
From explaining supplemental insurance options to employees, offering customized insurance quotes, tailoring insurance bundles, or streamlining highly relevant communications, personalized interactive videos can help you move past a transactional relationship to become trusted advisors your customers want to hear from.
The value of video
Personalized videos make it easier for customers to understand their insurance options quickly and easily. By simplifying complex information and enabling viewers to make informed decisions, you will see increased engagement and acquisition, an improved onboarding experience, more engagement online and more opportunities to upsell and cross-sell solutions to existing clients.
Doxim CCM clients can leverage personalized, interactive video technology to boost customer engagement
Doxim CCM leverages our client’s existing data to deliver personalized, interactive video experiences at scale. Unlike other bespoke and expensive solutions, Doxim CCM Interactive Video delivers low cost, 1:1 videos from a template that has proven to be effective, yielding maximum ROI.
The visual engagement and real-time interactivity made possible through video provides the ‘personal touch’ that drives increased customer satisfaction, better engagement, and high conversion rates.